Green Energy Bitcoin Miner, MintGreen, to Supply Heat to 100 Homes in Canada
A Canadian company is looking to change the narrative around Bitcoin mining by using energy for the public good.
Earlier this week, MintGreen – a green energy Bitcoin mining firm – announced that it had agreed to supply heat generated from crypto mining to over 100 residents in North Vancouver. In its press release, MintGreen explained that it would execute the initiative in partnership with Lonsdale Energy Corporation – the official energy district system for North Vancouver.
An Initiative That benefits Everyone
The company explained that its “digital boilers” will help recover up to 96% of the electricity used for mining as heat energy, then transfer it to residents in the North Vancouver area.
MintGreen uses an “immersion” technology that captures heat generated from mining. The heat is then transferred to hot water utilities known as “District Energy” before being eventually distributed to customers. The company's utility serves up to 100 buildings in the North Vancouver area, and it hopes to sell its heat under a long-term contract with Lonsdale Energy Corp.
The cryptocurrency mining firm claimed that its system could prevent the release of up to 20,000 metric tons of greenhouse gases per megawatt into the atmosphere. The partnership will hope to deliver cheaper heat to houses in the region while also tackling issues related to climate change.
The heat source is expected to be introduced sometime in 2022. Canada is known to have harsh winters, and this initiative could help mitigate this challenge.
Perhaps Mining Isn’t So Bad After
The innovation from MintGreen expects to use Bitcoin mining for heat on a large scale. However, it is worth noting that such a move isn’t new.
In 2018, Fast Company reported on Heatmine – a Quebec-based company that also converts energy from mining into heat. Heatmine operates by connecting mining rigs with heating systems in homes and businesses. So, as the mining rig runs and mines Bitcoin, the heat generated from the process is transferred to the building for more productive use.
Now that MintGreen appears to be taking this application to a broader scale, it would appear that something good can come out of mining.
The mining landscape has been through quite a challenging year, with a Chinese crackdown that caused the process to drop to record levels. Also, questions about mining’s impacts on the environment raged on for months after Tesla stopped accepting Bitcoin for sales.
There is no question that Bitcoin mining can pose challenges to environmental sustainability; however, several initiatives have since come to alleviate the situation. In June, crypto-friendly payment processor Square and crypto mining firm Blockstream partnered to develop a solar-powered mining facility.
The $5 million will play a role in reducing BItcoin’s carbon footprint as much as it can. Combined with innovations from MintGreen and others, it would appear that Bitcoin mining can indeed be a force for good.